France has now approved the use of blockchain technology for trading unlisted securities.

According to Reuters, its government has implemented a new set of rules that enables its banks and fintech firms to initiate their own blockchain platforms for trading. This change allows the trading of these unlisted securities without needing a middleman, making the trade almost instant.

Bruno Le Maire, France’s finance minister, states that these rules would be beneficial for Paris as a financial center, adding, “The use of this new technology will allow fintech firms and other financial actors to develop new ways of trading securities that are faster, cheaper, more transparent and safer.”

This move is aimed at the country’s future hopes to make Paris a hub for financial innovation. France’s government launched a blockchain group this May that’s primary focus was to research blockchain implementations into various French sectors.